Factoring

Factoring

Using instant transfers

  • Updated

TruckSmarter has partnered with Astra to support an outbound money transfer type called instant transfers. Instant transfers allow you to move money immediately — within minutes, any day or time — to a bank account connected to your TruckSmarter account. Read on to learn more!

Authorizing instant transfers

Connect a debit card

Initiating an instant transfer

Instant transfer fees

Managing your debit cards

 

Authorizing instant transfers

First, navigate to the Factoring tab and open the Banking menu. Tap the Send Money button and select the Instant transfer transaction type. If you have not connected a debit card yet, you will see the Link a debit card button. Tap the Link a debit card button to authorize our partner Astra and begin the process of linking your debit card to TruckSmarter.

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Connect a debit card

Next, you will be prompted to connect a debit card by entering your debit card details. This must be a debit card that shares the same account holder name associated with your bank account.

⛽ Some fuel debit cards may work if they are prepaid, but instant transfers are not guaranteed to work for other types of fuel cards.

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Initiating an instant transfer

After connecting your debit card, you will be navigated back to the Send money screen. You can now select Instant transfer as an available transaction type. Enter the transfer amount at the top of the screen and select the Instant transfer option. Next, tap the Review transfer details button to review the final details of the transfer. Finally, if everything looks correct, tap the Confirm button to immediately initiate the transfer.

💡 After entering the transfer amount, the 1.5% fee will be indicated alongside the Instant transfer option. See Instant transfer fees for more information.

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After submitting the instant transfer, the transaction will appear in your bank account within a few minutes and you will also receive a confirmation email from Astra.

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Instant transfer fees

Instant transfers are charged a 1.5% fee that is deducted from the total amount transferred. For example, if you request to instant transfer $1,000 you will receive $985 instantly and be charged a total of $15. You can review the other transfer options TruckSmarter offers such as free ACH or $15 wire transfers in the Transfer money with TruckSmarter article.

🚨 There is a $10,000 per transaction limit for Instant Transfers. Please note that the fee is subtracted from the total transfer amount unlike wire transfer fees which adds $15 to the total.

 

Managing your debit cards

You can add new cards or delete existing ones from one of two ways. Either you can navigate to the Profile tab and open the Manage your linked bank accounts menu. Then navigate to the Factoring tab, open the Banking menu, and select Send money

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If your card is marked as Flagged, please contact TruckSmarter Support so that we can help fix the issue.

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